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Joint Administrators of the National Timber Group, Michael Magnay, Gemma Quinn and Jonathan Marston of Alvarez & Marsal have been appointed today (November 26).
The Group has been placed into administration following a difficult trading period and resultant liquidity challenges. This follows the notice of intention to appointment administrators filed by the companies on 14 November. There have been 561 immediate redundancies across sites and central functions, while 13 of the Group’s branches have been closed with immediate effect. The remaining sites continue to operate, although some of the Company’s production facilities have been mothballed.
The UK’s largest independent timber distribution and processing group in the UK, headquartered in Sheffield. National Timber Group was created through the acquisitions of brands including Thornbridge, NYTimber, Rembrand Timber and Arnold Laver. It employed 1,150 people across 47 sites in England and Scotland.
The Administrators have launched a sale process for the business and assets of National Timber Group and encourage any interested parties to contact them.
Magnay said: “National Timber Group is the UK’s leading timber supplier to joiners, housebuilders and contractors, operating under a number of widely recognised brands. As Joint Administrators, we have launched an accelerated sale process, and we encourage any interested parties to contact us as soon as possible. We are encouraged by the level of interest so far and we are hopeful of finding a buyer for all or parts of the group.
“Regrettably, the Company’s liquidity challenges have led to a number of immediate redundancies. We are committed to supporting the affected employees through the redundancy process. We appreciate the support and patience of the highly skilled workforce in difficult circumstances, particularly at this time of year”
